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5 Feb 2007

Trinity Development Partners along with equity partner Stillwater Capital Partners, a NY-based hedge fund, closed a $23.3 million deal with private lender Kennedy Funding for a waterfront real estate purchase in West Palm Beach, Florida.

The loan comes after back-to-back Hurricanes Frances and Jeanne pounded the area relentlessly in 2004, and Hurricane Wilma added further damage in 2005, turning the 30-story dream community into a nightmare of a business deal for the 119 homes involved.

The hedge fund partners cosed the $23.3 million deal with Kennedy Funding of Hackensack, NJ, borrowing the funds for a complete renovation. Jeffrey Wolfer, President and Co-CEO of Kennedy Funding said, "With this many unique and unusual circumstances, a loan like this wouldn't meet the criteria of traditional lenders.......That's why it's called situational lending-we consider each situation individually and evaluate it as such.

Stillwater Capital Partners is a provider of alternative investment services with over $600 million in assets under management. The hedge fund performs independent research that provides the potential for clients to preserve and grow their capital using a risk-controlled approach to investing.Technorati Profile